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STORY
https://bluebook.io
LEVERAGED BUYOUTS:
INTRODUCTION
Why Tabletops Global was an
ideal LBO Candidate
Undervalued
Strong
Management
Stable
Cash Flows
Low Capex &
Working Capital
Viable
Exit Strategy
LEVERAGED BUYOUTS:
OPERATING ASSUMPTIONS
100.0
5%
40%
3.0
Depreciation (m)
20.0
30%
5.0x
10%
5%
LEVERAGED BUYOUTS:
CASH FLOWS
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Sales
100.0
105.0
110.3
115.8
121.6
127.6
EBITDA
40.0
42.0
44.1
46.3
48.6
51.1
20.0
20.0
20.0
20.0
20.0
20.0
Operating Profit
20.0
22.0
24.1
26.3
28.6
31.1
Net Interest
6.0
6.0
6.0
6.0
6.0
6.0
14.0
16.0
18.1
20.3
22.6
25.1
Tax
(4.2)
(4.8)
(5.4)
(6.1)
(6.8)
(7.5)
Net Profit
9.8
11.2
12.7
14.2
15.8
17.5
Year 1
Year 2
Year 3
Year 4
Year 5
9.8
11.2
12.7
14.2
15.8
Capex
(10.0)
(10.5)
(11.0)
(11.6)
(12.2)
20.0
20.0
20.0
20.0
20.0
(3.0)
(3.0)
(3.0)
(3.0)
(3.0)
16.8
17.7
18.6
19.6
20.7
Net Profit
LEVERAGED BUYOUTS:
THE EXIT STRATEGY
51.05
Exit Multiple
5.0x
255
27
229
-1 = 23.4%
(1/5)
IRR (%)
Money Multiple (x)
23.4%
2.9x